reversal of vendor transactions


C

conniemedland

Hi to all: At one time I was able to reverse a vendor purchase order
after I printed a cheque and found out that the cheque needed to be
reversed due to a problem. I downloaded a new version of Simply
Accounting Basic due to a up date, and now if I was to go into my
vendor purchase journal and reverse the transaction it would end up as
a credit note instead of it going back to the zero. I have also tryed
to do the reversal from the cheque section and reverse it with the
negative amounts and not being able to completed this either. I have
also when in to do a complete new tranaction and end up with this
credit note number. Is there a setting to discontinue this credit note
so I can just plan do a reversal, or what am I doing wrong? How do you
do reversal's?
Connie Medland Ilderton Ontario
 
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B

Brian

Connie,

With paper records you would never erase an entry. An explanation would
be noted and if not yet posted the entry sort of cleared. If it was
posted, the entry would need to be reversed in the ledger with a
notation there. This kept people honest or at least looking so.

A check would have taken cash out of that account, debited an
expense/liability account with a credit to the cash account, then and
there. But this check never made it... Reverse entries would provide a
place to fix your mistake and document it. You would debit your cash
account and credit the liability. Both entries should have notations
that include the check and purchase order numbers.

It is better if you do not undue errors in your books rather than
reverse the transaction.

I think you want to write yourself a check or make a deposit in the
cash account and borrow or credit your bill or liiability account. This
may require you to reenter the purchase you made. Write a check in or
make a deposit, debit, into the system to do this entry. Do not undue
the purchase and related credit.

Are you using that software to close out accouting periods and produce
reports? not being sarcastic, just curious.

Neal
 

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